Friday, 24 October 2008

Euro banknotes and coins VI: Article 128 TFEU comments

We look at UK comments on Article 128 of the Treaty on the Functioning of the European Union (TFEU) concerning the issue of euro banknotes and euro coins.


European Central Bank

The Opinion of the European Central Bank of 5 July 2007 at the request of the Council of the European Union on the opening of an Intergovernmental Conference to draw up a Treaty amending the existing Treaties (CON/2007/20), OJ 13.7.2007 C 160/2, was issued on the understanding that, as regards the status, mandate, tasks and legal regime of the ECB, the Eurosystem and the European System of Central Banks, the changes to the current Treaties to be introduced by the IGC were to be limited to and were to comprise all the innovations agreed at the 2004 IGC.



Professor Steve Peers covered the Treaty of Lisbon in a number of Statewatch Analyses. ‘EU Reform Treaty Analysis no. 3.4: Revised text of Part Three, Titles VII to XVII of the Treaty establishing the European Community (TEC): Other internal EC policies’ (Version 2, 24 October 2007) includes the current Title VII Economic and monetary policy.

Peers presented the text of Article 106 TFEU (ToL), to be renumbered Article 128 TFEU in the consolidated version, and highlighted the changes. He offered the following succinct comment (page 12):

“The consultation procedure shall apply to this Article, in place of the ‘cooperation’ procedure. These measures shall not constitute legislative acts. This entails a downgrade of the EP’s role here.”

The analysis 3.4 and other useful Statewatch analyses are available through:



The Foreign and Commonwealth Office (FCO) offers a convenient source of brief annotations on Lisbon Treaty amendments in ‘A comparative table of the current EC and EU treaties as amended by the Treaty of Lisbon’ (Command Paper 7311, published 21 January 2008). It offers the following comment on Article 128 TFEU, Article 106 TFEU (ToL) in the original Lisbon Treaty (page 12):

“Draws on Article 106 TEC. Paragraph 2 replaces the cooperation procedure with consultation with the EP.”

The FCO comparative table is available at:


House of Commons Library

The UK House of Commons Library Research Paper 07/86 ‘The Treaty of Lisbon: amendments to the Treaty establishing the European Community’ (published 6 December 2007) discussed ‘H. Economic and Monetary Policy’ on pages 61 to 64. Article 106 TFEU (ToL) is included in a brief description on page 62:

“Articles 105 ─ 110 (Constitution Articles III-185 ─ 190) on monetary policy are largely the same as the present Treaty Articles.”

The Library Research Paper 07/86 is available at:


House of Lords

At this juncture, economic and monetary union (EMU) did not interest the House of Lords, so I found nothing on Article 106 TFEU (ToL) or 128 TFEU in the House of Lords European Union Committee report ‘The Treaty of Lisbon: an impact assessment, Volume I: Report’ (HL Paper 62-I, published 13 March 2008).

The report is available at:


The following post is going to look at legislative materials and comments on Article 128 TFEU from other corners of Europe.

Ralf Grahn